The PNC Financial Services Group, Inc (NYSE:PNC) Shares Purchased by SouthState Corp

SouthState Corp raised its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 6.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,181 shares of the financial services provider’s stock after buying an additional 138 shares during the period. SouthState Corp’s holdings in The PNC Financial Services Group were worth $383,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Northeast Financial Group Inc. lifted its position in The PNC Financial Services Group by 9.8% during the first quarter. Northeast Financial Group Inc. now owns 1,896 shares of the financial services provider’s stock valued at $333,000 after buying an additional 169 shares in the last quarter. Nuveen LLC acquired a new position in The PNC Financial Services Group during the first quarter valued at approximately $306,905,000. Aigen Investment Management LP lifted its position in The PNC Financial Services Group by 525.8% during the first quarter. Aigen Investment Management LP now owns 29,593 shares of the financial services provider’s stock valued at $5,202,000 after buying an additional 24,864 shares in the last quarter. Harvest Investment Advisors LLC lifted its position in The PNC Financial Services Group by 1.2% during the first quarter. Harvest Investment Advisors LLC now owns 9,781 shares of the financial services provider’s stock valued at $1,719,000 after buying an additional 113 shares in the last quarter. Finally, Virtu Financial LLC purchased a new stake in shares of The PNC Financial Services Group during the first quarter valued at approximately $1,212,000. 83.53% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. The Goldman Sachs Group lifted their price objective on shares of The PNC Financial Services Group from $178.00 to $196.00 and gave the company a “neutral” rating in a research note on Wednesday, July 2nd. Raymond James Financial upgraded shares of The PNC Financial Services Group from a “market perform” rating to an “outperform” rating and set a $220.00 price objective on the stock in a research note on Tuesday, July 8th. Keefe, Bruyette & Woods upgraded shares of The PNC Financial Services Group from an “underperform” rating to a “market perform” rating and lifted their price objective for the company from $185.00 to $212.00 in a research note on Wednesday, July 9th. Oppenheimer upgraded shares of The PNC Financial Services Group from a “market perform” rating to an “outperform” rating and set a $238.00 price objective on the stock in a research note on Wednesday, July 30th. Finally, Wall Street Zen upgraded shares of The PNC Financial Services Group from a “sell” rating to a “hold” rating in a research note on Friday, July 18th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $214.17.

Insider Activity

In other news, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $169.75, for a total transaction of $210,829.50. Following the completion of the transaction, the chief executive officer owned 554,879 shares of the company’s stock, valued at approximately $94,190,710.25. The trade was a 0.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.41% of the company’s stock.

The PNC Financial Services Group Stock Down 0.6%

PNC stock opened at $188.52 on Tuesday. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.80 and a quick ratio of 0.80. The PNC Financial Services Group, Inc has a 1-year low of $145.12 and a 1-year high of $216.26. The firm has a fifty day moving average price of $187.66 and a two-hundred day moving average price of $179.66. The firm has a market cap of $74.24 billion, a price-to-earnings ratio of 12.89, a PEG ratio of 1.41 and a beta of 1.09.

The PNC Financial Services Group (NYSE:PNC) last released its earnings results on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share for the quarter, beating the consensus estimate of $3.56 by $0.29. The PNC Financial Services Group had a net margin of 18.33% and a return on equity of 11.07%. The firm had revenue of $3.01 billion during the quarter, compared to analyst estimates of $5.61 billion. During the same quarter in the previous year, the firm earned $3.39 earnings per share. The firm’s revenue for the quarter was up 4.6% compared to the same quarter last year. Research analysts predict that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 5th. Stockholders of record on Tuesday, July 15th were issued a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend yield of 3.6%. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.60. The ex-dividend date of this dividend was Tuesday, July 15th. The PNC Financial Services Group’s dividend payout ratio is presently 46.51%.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.